Correlation Between GraniteShares 15x and Exchange Traded
Can any of the company-specific risk be diversified away by investing in both GraniteShares 15x and Exchange Traded at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GraniteShares 15x and Exchange Traded into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GraniteShares 15x Long and Exchange Traded Concepts, you can compare the effects of market volatilities on GraniteShares 15x and Exchange Traded and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GraniteShares 15x with a short position of Exchange Traded. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares 15x and Exchange Traded.
Diversification Opportunities for GraniteShares 15x and Exchange Traded
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GraniteShares and Exchange is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 15x Long and Exchange Traded Concepts in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exchange Traded Concepts and GraniteShares 15x is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GraniteShares 15x Long are associated (or correlated) with Exchange Traded. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exchange Traded Concepts has no effect on the direction of GraniteShares 15x i.e., GraniteShares 15x and Exchange Traded go up and down completely randomly.
Pair Corralation between GraniteShares 15x and Exchange Traded
If you would invest 6,776 in GraniteShares 15x Long on September 1, 2024 and sell it today you would earn a total of 413.00 from holding GraniteShares 15x Long or generate 6.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
GraniteShares 15x Long vs. Exchange Traded Concepts
Performance |
| Timeline |
| GraniteShares 15x Long |
| Exchange Traded Concepts |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GraniteShares 15x and Exchange Traded Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares 15x and Exchange Traded
The main advantage of trading using opposite GraniteShares 15x and Exchange Traded positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares 15x position performs unexpectedly, Exchange Traded can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Exchange Traded will offset losses from the drop in Exchange Traded's long position.| GraniteShares 15x vs. Direxion Daily MSFT | GraniteShares 15x vs. Direxion Daily GOOGL | GraniteShares 15x vs. AXS 125X NVDA | GraniteShares 15x vs. Direxion Shares ETF |
| Exchange Traded vs. Strategy Shares NewfoundReSolve | Exchange Traded vs. iShares ESG Aware | Exchange Traded vs. Eaton Vance Enhanced | Exchange Traded vs. Grayscale Ethereum Mini |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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